REAL ESTATE RANCOR:
Turnbull & Asser's Turf War
February 28, 2011
From the expansive scaffolding on East 57th Street , one would assume that Turnbull & Asser, the venerable British bespoke shirtmaker, was undergoing a major expansion, but that turns out not to be exactly the case.
California private equity group CIM and developer Harry Macklowe would like to build a massive building on the site of seven townhouses that includes the current home of Turnbull & Asser. Reportedly, the huge mixed use tower would include the former site of the Drake Hotel at 56th and Park Avenue and wrap around the back of 450 Park Avenue. It would certainly be a major real estate development that has apparently been years in the planning. While CIM controls the Drake site, Macklowe has purchased the houses at 38, 40, 44 and 50 E. 57th Street and CIM just purchased no. 46, currently the home of Buccellati. Turnbull, however owns the building at no. 42, and appears to have no intentions of leaving even as Macklowe has begun demolition procedures and is encroaching on all sides. Jacob & Co. more famously known as Jacob the Jeweler is also holding out at no. 48 East 57th. The New York Post reports that negotiations are under way for the famous royal warrant holding shirtmaker to make a location swap for the building at no. 50, which would at least give the developers some contiguous 57th street frontage, even if it's not as much as they would have liked, but no deal has yet been struck. Our prediction: Turnbull will probably move in a possible swap, but it's going to cost somebody a lot of money.
Turnbull townhouse tussle (NYPost via Crain's)